Earnings for Q2 2013 have been released for most of the companies we track in the Nerds of Steel earnings spreadsheet. Links to the press releases are shown below.
The industry continued to struggle, with most companies reporting lower EBITDA per ton in Q2 vs. Q1. There was a wide range of EBITDA/ton performance, from a low of $17/ton reported by AHMSA to a high of $152 reported by Ternium. Ternium and Gerdau were the only companies with EBITDA per ton above $100 for the quarter.
China crude steel production was 64.7 million metric tonnes in June, 7% higher than in June 2012. Year-to-June production was 389.1 million tonnes, 9% higher than year-to-June production in 2012.
Comparing consecutive months, June production was 3.5% lower than May production, but due to the shorter month of June, average daily production in June was only 0.3% lower. In addition, China’s net finished steel exports were 4.2 million tonnes, 2% higher than in June 2012 and 1% higher than in May 2013.
Worldsteel published June’s global crude steel production on July 22nd. World crude steel production was 131.7 million metric tonnes, 3.3% higher than in June 2012 but the same 4.39 million tonnes on average per day as in May 2013.
Chinese production increased by 4.4 million tonnes between June 2012 and June 2013, but average daily production comparing May 2013 to June 2013 was actually 0.3% lower. Other countries which showed increases of over 200,000 tonnes between June 2012 and 2013 included Taiwan and the Ukraine. In contrast, South Korea and Italy both produced over 250,000 tons less June-to-June.
As usual, all the data for June 2013 (and plenty of prior years) are loaded and ready to be analyzed in the Nerds spreadsheet below.
Based on reported import licenses (and after a 75% increase in May), US long products imports dropped 34% from 340,000 short tons to 222,000 tons in June. In comparison, June long products imports were 216,000 tons in 2012, 267,000 tons in 2011, 220,000 in 2010, 105,000 tons in 2009, 269,000 tons in 2008 and 496,000 tons in 2007.
The fall was chiefly the result of lower rebar and wire rod imports. Rebar imports fell by about 60,000 tons or 43% mainly due to lower imports from Turkey, and wire rod imports fell by about 50,000 tons or 49% due to lower imports from the UK, Turkey, Japan, Brazil and others.
Mid-month July long products import licenses as reported July 16th were 112,000 tons which is likely to mean that full-month July licenses will slightly lower than June’s.
Based on reported import licenses, US flat products imports rose 2% from 623,000 short tons in May to 632,000 tons in June. June flat products imports in 2012 were 708,000 tons, in 2011 734,000 tons, in 2010 526,000 tons, and in 2009 252,000 tons.
The rise was mainly the result of hot rolled imports increasing by slightly over 50,000 tons, counteracted by a decline in hot dip galvanized imports of just under 50,000 tons. Hot rolled imports rose significantly from Australia, Canada, and the Netherlands, while hot dip galvanized imports fell from South Korea, Italy and India.
I will update the spreadsheet below to show mid-July licenses after licenses are published the week of Monday, July 15th.
China crude steel production was 67.0 million tonnes in May, 9.5% higher than in May 2012. Year-to-May production was 324.4 million tonnes, 9.6% higher than year-to-May production in 2012.
Comparing consecutive months, May production was 2.1% higher than April production, but due to the longer May month, average daily production in May was 1.2% lower. In addition China’s net finished steel exports in May were 4.2 million tonnes, 6.4% higher than in May 2012 but 3.0% lower than in April 2013.
